Excluding a charge of C$579 million ($440 million) related
to Alberta's increased corporate tax rate, the company reported
earnings of 16 Canadian cents per share in the second quarter
ended June 30.

Analysts on average had expected 10 Canadian cents,
according to Thomson Reuters I/B/E/S.

The company, which operates in Western Canada, the North Sea
and offshore West Africa, reported a net loss of C$405 million,
or 37 Canadian cents per share, for the quarter, compared with a
profit of C$1.07 billion, or 97 Canadian cents, a year earlier.
{ID:nMKWk5XXGa]

The company said cash flow, a key indicator of its ability
to pay for new projects and drilling, fell about 43 percent to
C$1.5 billion.

Revenue fell about 36 percent to C$3.42 billion.

Average production expenses fell to C$13.39 per barrel of
oil equivalent from C$15.35.
($1 = 1.3174 Canadian dollars)
(Reporting by Nia Williams in Calgary and Amrutha Gayathri in
Bengaluru; Editing by Don Sebastian)